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Know three prominent fund managers — Sunaina Da Cunha, Meenakshi Dawar and Rajasa Kakulavarapu — and their investment styles, track records and career journeys.
International Women’s Day 2026.
International Women’s Day 2026: India’s mutual fund industry, which now manages assets of more than Rs 50 lakh crore, is gradually seeing more women take on key portfolio management roles. A new report by Morningstar titled ‘India’s Leading Female Portfolio Managers 2026’ highlights how a new generation of women investors is shaping equity and debt strategies at major asset management companies.
The report profiles three prominent fund managers — Sunaina Da Cunha, Meenakshi Dawar and Rajasa Kakulavarapu — and examines their investment styles, track records and career journeys.
The report suggests that while asset management in India has traditionally been male-dominated, women professionals are increasingly taking larger decision-making responsibilities in fund management.
Women slowly gaining ground in portfolio leadership
The report notes that women are now managing important strategies across equity, debt and hybrid funds at large asset management firms.
Although their overall representation in the industry remains limited, the presence of women in leadership roles within portfolio management is gradually improving. The trend reflects the growing participation of women analysts and researchers moving into fund management roles over time.
Strong performance across asset classes
Performance data cited in the report shows that several funds managed by women have delivered strong results relative to benchmarks and peer groups.
The Aditya Birla Sun Life Credit Risk Fund, managed by Sunaina Da Cunha, delivered annualised returns of 9.52% between April 2015 and February 2026, outperforming both its benchmark return of 8.21% and the peer average of 6.89%. The fund ranked in the top quartile and beat 96% of its peers over the period.
Similarly, the Nippon India Value Fund, led by Meenakshi Dawar, delivered 15.92% annualised returns between May 2018 and February 2026, compared with the Nifty 500 Total Return Index benchmark of 13.27% and a peer average of 13.41%, outperforming 87% of comparable funds.
The Franklin India Flexi Cap Fund, co-managed by Rajasa Kakulavarapu, generated 14.14% annualised returns between December 2023 and February 2026, also beating both its benchmark and the peer group average over the period.
Different investment styles driving results
The report also highlights the distinct investment philosophies adopted by these fund managers.
According to the report, Sunaina Da Cunha, co-chief investment officer for debt at Aditya Birla Sun Life AMC, follows a disciplined credit investing approach focused on issuer-level research, liquidity management and downside risk control. Her strategy often includes selective exposure to AA and lower-rated bonds, while maintaining strict risk management standards.
Meenakshi Dawar, senior fund manager at Nippon India Mutual Fund, follows a bottom-up value investing strategy. She looks for fundamentally strong businesses that may be mispriced by the market, focusing on long-term earnings potential rather than simply low valuation metrics.
Rajasa Kakulavarapu at Franklin Templeton combines quality-focused investing with valuation discipline, aiming to identify companies with strong competitive positioning and long-term compounding potential.
From research desks to fund management
Another key trend highlighted in the report is the growing number of women moving from research roles into portfolio management.
For example, Rajasa Kakulavarapu started her career as an equity analyst at investment banks such as Jefferies and Credit Suisse before joining Franklin Templeton as a research analyst in 2016. She later transitioned into fund management and began co-managing the Franklin India Flexi Cap Fund in 2023.
The report says this transition from research to portfolio leadership is helping expand the pipeline of women professionals in the mutual fund industry.
A gradual shift in India’s fund industry
Overall, the Morningstar study suggests that while the number of women portfolio managers in India remains relatively small, their growing presence in senior investment roles reflects a gradual shift in the country’s asset management industry.
As more women move from research roles into fund management and leadership positions, the diversity of investment teams in India’s mutual fund sector is expected to improve further in the coming years.
International Women’s Day is celebrated every year on March 8 to recognise the social, economic, cultural and political achievements of women and to highlight the need for greater gender equality. The 2026 theme, ‘Give to Gain’, emphasises collective efforts to empower and uplift women, while the United Nations is marking the day with the call ‘Rights. Justice. Action. For All Women and Girls’.
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March 07, 2026, 13:44 IST
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